Saturday, March 13, 2010

CBO: Huge deficits to average $1 trillion per year over the next decade

So we're talking about at least a $10T addition to the overall deficit, upwards of $24T by 2020. And that's by the government's own numbers, which are always grossly underestimated. Already the real debt load is at least $78T, and likely far higher.

Let's get real here, guys. A big reason why I don't write much anymore is because all of this is a lot of sound and fury, signifying nothing. I don't believe there is enough time left to awaken people to the coming catastrophe, and there's simply nothing anyone can do to stop it, even if every one of us knew about it and got pissed off as we should be. It's over. They have stabbed us through the heart, and we are bleeding out. If you're reading this, it's unlikely you're reading anything you didn't already know. It is clear from this CBO report that there is no interest in saving this nation from economic collapse; in fact they actually plan on facilitating this collapse. What other conclusion can be drawn from the plainly obvious: that they plan on dumping at least $1T per year onto an already unsustainable debt load?

I guess part of me wants to believe that somehow things will magically return to "normal" - as if things have ever been "normal" in any of our lifetimes: we've just been conditioned to think that hell is paradise, as Hitler once bragged could be done. Or perhaps I'm just dead-wrong about all of this; perhaps America somehow is immune to the laws of economics, and she can print money and spend beyond her means ad-infinitum. So I'll continue to spread what I feel are relevant stories and issues. But don't wait around for the world to correct itself. Get off your computer and prepare yourself and your family to thrive while others suffer.

    The Hill -

    The Congressional Budget Office (CBO) said President Barack Obama's budget would lead to annual deficits averaging nearly $1 trillion for the next decade.

    The estimates are for larger deficits than the budget shortfalls expected by the White House.

Read all of it.